Moody's Downgraded Lincoln National (LNC) Senior Debt and Financial Strength Rating
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Moody's downgraded Lincoln National Corp.'s (NYSE: LNC) senior debt rating to Baa1 from A3, while also lowering the Aa3 insurance financial strength rating of Lincoln Life Insurance Company, LNC's primary operating company, to A1 from Aa3. The ratings remain on review for possible further downgrade.
Moody's said that the downgrade was primarily driven by LNC's reduced financial flexibility, weakened profitability, expected further investment losses, and lower statutory capitalization. In addition, dividend capacity from LNC's operating subsidiaries is expected to be constrained over the next one to two years, given the pressures on regulatory earnings and capital.
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